The first thing which must shock most Nigerians, though not most people in advanced countries, is the fact that Nigeria lacks a comprehensive and coordinated economic policy. The reason for that is clear. Nobody at the top levels of government is an economist.

Buhari is not, neither is Osinbajo – the Chairman of the Economic Management Team. Talk about putting a round peg in a square hole or vice versa and the Vice President of Nigeria should be a perfect example of that syndrome. All he knows about economics should fit conveniently into the back of a postage stamp and there might still be some space left to jot a few observations.
From the first day he was placed in that role by Buhari, who, by his own admission, knows even less about economics and would make other world leaders “smile”, Nigeria’s top economic managers have appeared to economists worldwide as laughable.

A good example of their lack of economic principles was the VP’s futile trip to the USA a few weeks ago to canvass for American investment in the Nigerian economy. Certainly, the last thing anyone should expect from the Tour Report is that it was a mindless waste of scarce foreign exchange. The report submitted to Buhari would highlight promises made by Americans who were only being polite about coming to invest in Nigeria – without giving a timeline for the decision.

More informed people know from the historical verdict of investment experience that investors never ever risk their hard-earned funds on countries that are potentially unstable and might erupt without prior warning. Nigeria is just a few steps removed from total breakdown of law and order.
First in his world best seller FROM THEIRD WORLD TO FIRST WORLD IN ONE GENERATION, we learnt that shortly after becoming Prime Minister, he told his people that “we cannot live by the begging bowl, p53.” Later he declared that with respect to debt-financed projects “Our aim is to have partial or total cost recovery for the goods and services provided by the state, p 107.” Obviously, going borrowing is the second option for Singapore. But, when it becomes inevitable, then full or partial cost recovery is mandatory.

By contrast, Nigeria, under Buhari, has the begging and borrowing bowl out all the time. And, if you take a look at the Medium Term Expenditure Framework, MTEF, there is no end in sight to borrowing. The DG-DMO has again revealed another frightening aspect of Buharinomics. The FG and the state governments acquiring these loans have given no thought to who will pay in the future since some of those loans will last beyond 2030 – long after they would have been gone. By not including cost recovery into the package the current generation of adult Nigerians is being encouraged to have a “feast” and pass the bills to their children and grandchildren. They have no repayment plan other than to borrow again to repay the old loans with interest.

That explains why the debt stock is rising and we must borrow more to redeem old obligations. It is a sure path to economic disaster. The consequences of three years of poor economic management are already apparent even now. Debt servicing increases annually as a percentage of total expenditure. Instead of repairing roads, developing better schools, expanding agriculture and providing water and power for more Nigerians we are shoveling out more dollars to repay loans with interest. Meanwhile, there is next to nothing to show for the N2.75tn borrowed since June 30, 2017.

The road to economic hell in Nigeria is paved with Buharinomics!!

Read more at: https://www.vanguardngr.com/2018/08/a-future-mortgaged-buharinomics-leading-nigeria-into-another-debt-trap/

God bless President Buhari for the good works he is doing to take us to the Promised LAND...

post=70434142:
God bless President Buhari for the good works he is doing to take us to the Promised LAND...

By mortgaging Nigeria into finacial indebtedness because of clueless economic policies Slow down! Read first! Understand then make your contribution. Buhari should not do that for you man.

Racoon:

By mortgaging Nigeria into finacial indebtedness because of clueless economic policies Slow down! Read first! Understand then make your contribution. Buhari should not do that for you man.

The president no go school so the failure of the nation economy is a welcome development for Zombies.

The zombies are coming for your head

Nigeria's debt profile after the obasanjo tax clearance as at 2014 - early 2015 was 12tr and the cumulative debt profile of Nigeria now is around 22 - 23tr, If you should consider the inflation rate and drop in crude oil price, then GEJ is as guilty (if not worse) compare to PMB in term of debt.

However, only Economic ineptitude folks criminalise debt. The question should be what is the debt used for? While gej and his croonies borrow to loot and pay workers salaries, A larger chunk of Buharis borrowings were counterparts funding for the construction of rails and electricity dams, sukuk bonds to construct roads in all the geopolitical zones of the country etc.
Good Economist will tell you Nigeria needs to borrow more to bridge it infrastructural deficit.
No nation developed solely on its income not to talk of third world countries like ours with huge infrastructural deficit. How do we catch up with the rest, Do you know south Africa, Egypt, Algeria, Libya, Morroco, Tunisia annual budgets? even Kenya?
The budgets of most of these countries are far larger than that of Nigeria. Despite having less: population, infrastructural deficit, wage bill (recurrent expenditure) and security challenges.
Nigeria's debt to GDP ratio is still healthy at <35% compared to South Africa at >100%.

I will gladly vote for any president that will "prudently borrow huge amount" to fix our infrastructural deficit.
For how long are we going to manage power distribution of 4000MW, non functional seaports, Airports in shambles, 19th century rail system, death trap roads etc?